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Crypto Industry turned bullish yesterday, marking the Bitcoin (BTC) to run its all-time high at $42,000, and today Bitcoin faced a drop of 2.15%, reaching a price of nearly $38,256.
Yesterday, the market was on a roll, marking the Bitcoin and Ethereum’s Ether their all-time high. On February 6, 2021, Bitcoin broke the resistance area of $40,000 and reached its all-time high at $42,000 under the bull run. Bitcoin hit $40,530 before falling back to $40,270. At the time of writing, the price of Bitcoin has dropped by 2.15%, reaching $38,256. Since Tuesday, the price of Bitcoin (BTC) managed to break the previous phase of consolidation by pushing above the upper angle.
No doubt that BTC is now recovering from the market dip in early January that saw the lowest price as nearly $30,000. It has spent more than three weeks under $38,000, causing its cycle to lose momentum. For the past week, BTC stagnated due to the DeFi market's outperformance over the significant cryptocurrencies. The decentralized Finance market offers higher gain to many investors, which could explain its outperformance. With the increase of Bitcoin, other altcoins, such as Ethereum and Litecoin, are also marking their record level at the time, boosting the market.
The reason behind the rise in the price of Bitcoin could be the increase in Whale addresses. Despite the rise in price, bitcoin whales were seen to continue the accumulation. A considerable amount of BTC seeing to be withdrawn from Coinbase that undoubtedly coincides with its accumulation by whales. Bitcoin has attracted several investors and financial institutions in the last six months.
On Saturday, BTC has almost regained all the losses since January by marking a new all-time high. Over the last seven days, Bitcoin has made a string of upward moves. Seeing the market trend, it is very critical for BTC to stay above the $40,000 level in the future. However, the long-term sentiment of Bitcoin could be bullish, and it is expected to continue its increase over $40,000 in the coming months.